Chicago-based hedge fund firm Grosvenor Capital Management may purchase Credit Suisse’s private equity unit.
The Wall Street Journal reported that Credit Suisse’s Customized Fund Investment Group, which manages a total of $30 billion, is in “advanced talks” with Grosvenor as the Swiss bank adapts to tougher regulations for managing investor capital and risk.
The article also said that while the agreement is not guaranteed, financial details are currently being worked out by representatives of both parties. If the transaction is successful, the acquisition would double Grosvenor’s assets to more than $45 billion.
The deal is expected to be valued at more than $200 million in cash.
Credit Suisse also began winding down its asset management finance unit earlier this year in response to tougher regulatory requirements.